During today's trading price of gold rose slightly, but continued to remain at one-month low as investors cautiously awaiting the outcome of the two-day meeting that will determine the monetary policy of the Federal Reserve System.

Investors will wait for guidance related to the possibility of higher interest rates. Minutes of the previous Fed meeting showed that Fed officials are divided about the state of the national economy and whether it will be able to survive the rise in interest rates.

Traders do not expect the Fed to raise interest rates at the meeting in July, but recently published strong economic data led investors to think about the possibility of a rate hike in September. Despite the economic uncertainty factors, observed in recent months, the probability of rate hikes before the end of the year increased to 48%, based on the key interest rate futures Commerzbank.

If the Fed decides to raise interest rates in September, it will be negative for gold, says Nitesh Shah, an analyst at London-based ETF Securities. However, anxiety over the weak prospects for the European economy to support gold, as investors continue to be interested in safe heaven assets, the analyst added.

"It's fair to note the strong US economic data, but some investors continued to transfer funds to safe-haven assets, reinforcing the case of negative developments", - adds Shah. He expects that not the most positive economic outlook in Europe will continue to support gold, in spite of the improvement in US economic data.

Gold rose sharply as investors turned to safe-haven assets after Brexit. Then prices started to decline, and recently fell to a three-week low. However, some analysts believe that the decline in gold is a good opportunity to buy the metal.

"Investors are once again turning to the gold market correction over the past two weeks, probably dragged, -. Shah said -. All the factors for growth of gold is stored."

The cost of the August gold futures on the COMEX rose to $ 1324.40 per ounce.